I am pleased to welcome Mortgage Banker Brian Cav, the creator of a mortgage blog called Smarterborrowing.com. From this point on Brian will be giving us his weekly mortgage market update which I’m sure you’ll find interesting.
Mortgage rates went up a bit this morning. Why? Because the Stock Market rallied from an eight session low yesterday. This has been a pretty slow week in regards to economic data up to this point. The 30 year fixed is in the 4.875% to 5.25% for qualified borrowers. You must have a mid FICO score of 740 or better and a loan to value below 80%. I am still in favor of LOCKing right now becuase I believe there are a few factors that are pressuring rates higher. The Stock Market seems likes it is only going to continue to go up plus there are more Treasury Auctions on Thursday. These Rates are low now… LOCK them in. Yes you should be thinking about refinancing!
FLOAT or LOCK
If I was closing on a Home Mortgage in the next 0 to 15 Days – LOCK
If I was closing on a Home Mortgage in the next 15 to 30 Days – LOCK
If I was closing on a Home Mortgage in the next 30 to 60 Days – LOCK/FLOAT – Tough Call
If I was closing on a Home Mortgage in the next 60+ FLOAT
This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.